Join the Club !

Everyone I think. Asked if they could clarify my equity position 2 weeks ago and was told a supervisor was looking at it. Had nothing since. My situation re end of trust deed is not as urgent as yours though as I'm only about halfway through. Must be terrible for people nearing the end.

Lots of posts now on iva.co.uk re PJG cases now with Creditfix.

Hi - I've had no response to any of the 3 emails that I've sent to Chris Parry - first email was dated October. My last payment is due January 2015 and I have it in writing that my property is in negative equity. Do I cancel the SO after my last payment or do I have to wait to be told to do so?

Hello Mary.

If you're sure that you've completed your obligations you might choose to cancel your standing order.

Hopefully you'll be able to communicate with someone there in advance of that however so that you have the certainty that this is the right thing to do.

Thanks TDA. I'm sure I have, as never missed a payment etc and completed and submitted my reviews timeously. I would like clarification first so will keep pestering them until I get a response! Thanks again.

I informed them that I was not making any further payments until they clarified my outstanding commitment.

They are bizarrely unresponsive !

Thanks Diamond Chap - you would think that threatening non-payment would make them respond! I did receive an automatic response saying that I'd receive a response within 72 hours...I'm not hopeful!

Keep chasing them up.
I suggest calling them until you are happy you have been dealt with.
Don't assume they have all the paperwork to hand.
Supply them with copies and what you understand are your outstanding commitments, if any.

Quick update, after speaking to a direct contact I was told the delay is swapping the funds to a new bank account. Then they will start discharge proceedings including a drive by valuation I my house. Now I know equity is a sore point but interestingly I was told if it's between £0-£5000 they wouldn't have any interest in this. They then went on to say between £5000-£10000 would extend the TD by 1 year and £10000 or above would extend it by 2 years.

I'm waiting to see what happens with this as I have emails confirming no equity valued at start of TD but if I do now (which I don't think I do) then if it's less than £5000 I don't have to worry anyway.

I don't expect this to start getting sorted until the new year now so will update then if I hear anything further.

Thanks

That's nice of them to say they'll have no interest in it under 5000...... would be more useful if they said we have no interest in it no matter what as thats what you were told at the start.

I know you are saying you dont think you have equity but surely almost everyone will have 5k worth after making 3 years mortgage payments?

Hi steve1984.

Let's not ignore that the new trustee gave us a statement for the forum saying that they'd look to honour arrangements made with the previous trustee.

There hasn't been an example here of this position being reversed yet.

Unless and until there is, I think some caution is required?

I had an extremely insightful and very helpful discussion with a Customer Service Rep at Creditfix yesterday too. I honestly believe that they are just as bewildered at the amount of cases transferred from Philip Gill that are nearing the end of the TD process as the rest of us.

Putting my disappointment in Philip Gill aside. Basically, I was advised that they are looking to honour arrangements made at the start of transferred cases as far as ÔÇ£reasonablyÔÇØ possible. However, they most probably would look at the equity position again at the end of the process, as they do with all their cases. They advised that a drive-by evaluation would be carried out and taking into consideration the mortgage redemption figure and selling fees, if the equity was under £5K they would have no interest. If equity was over this amount, the TD would be extended. Although I was advised at the time of signing too that my property was in negative equity, strangely now, I feel OK at the prospect of paying a little more into the ÔÇ£potÔÇØ that goes to the Creditors - I'm paying back a fraction of my outstanding debt and if creditors can receive a little more then I'm happy with that. If I'm honest, I would have preferred to pay back the full amount of debt outstanding rather than enter into a TD in the first place.

I was also advised that it probably would be nearly impossible for Chris Parry to speak with those affected directly but anyone from Customer Services would be able to deal with at least 99% of queries.

That's good you feel that way mary. However I feel nothing like that.

Honour the original agreements apart from the equity???? That is the key part of the original agreement! !

Again I fail to see how I won't have equity after 3 years mortgage payments.

However I will fight to the death to extend another year.